I think we can look at it from a different perspective or angle
For example, instead of searching for factors why the price is only trading sideways these days, we can rather look for the factors which were driving the price all the way up to 20k back then. And this will give us the desired key to our puzzle. In this manner, if Bitcoin rose to ATH due to hype and hot air, then the price is not moving due to the lack of these factors. No hype, no ride. Simple, isn't it?